Fortescue gets expansion nod

July 20, 2008

July 20th (Business Spectator) – Fortescue Metals Group Ltd says it can now expand and further develop growth projects throughout West Australia’s Chichester Ranges, after achieving “Project Completion”.

The milestone required the resource firm to mine, rail and ship two million tonnes of iron ore within a four week period, which has been verified by Behre Dolbear Australia, the project’s independent engineer.

It means Fortescue has now satisfied certain conditions within its financial arrangements, allowing it to pursue expansion and development plans for the Chichester Ranges.

It comes eight weeks after the company shipped its first load of iron ore to Chinese steel major Baosteel.

“This sets a great platform for the continuing ramp up of our project to its initial targeted capacity of 55 million tonnes,” Fortescue chief executive Andrew Forrest said.

Mr Forrest said it marked another step towards the company’s goal to become a major mining player.